Question 1

Which of the following entries records the payment of an account payable?

Accepted Answer

A)   debit Cash; credit Accounts Payable
B)   debit Accounts Receivable; credit Cash
C)   debit Cash; credit Supplies Expense
D)   debit Accounts Payable; credit Cash

Question 2

The recording of cash receipts to the cash account will be done by debiting the account.

Accepted Answer

A) True 
 B)False

Question 3

The increase side of all accounts is the normal balance.

Accepted Answer

A) True 
 B)False

Question 4

A credit balance in which of the following accounts would indicate a likely error?

Accepted Answer

A)   Fees Earned
B)   Salary Expense
C)   Janet James, Capital
D)   Accounts Payable

Question 5

Posting a part of a transaction to the wrong account will cause the trial balance totals to be unequal.

Accepted Answer

A) True 
 B)False

Question 6

Accounts

Accepted Answer

A)   do not reflect money amounts
B)   are not used by entities that manufacture products
C)   are records of increases and decreases in individual financial statement items
D)   are only used by large entities with many transactions

Exam 2: Analyzing Transactions

Accounts

Correct Answer
verified

Which of the following entries records the payment of an account payable?

Correct Answer
verified

Posting a part of a transaction to the wrong account will cause the trial balance totals to be unequal.

Correct Answer
verified

A credit balance in which of the following accounts would indicate a likely error?

Correct Answer
verified

The recording of cash receipts to the cash account will be done by debiting the account.

Correct Answer
verified

The increase side of all accounts is the normal balance.

Correct Answer
verified

Exam 2: Analyzing Transactions

Accounts

Correct AnswerverifiedShow Answer

Which of the following entries records the payment of an account payable?

Correct AnswerverifiedShow Answer

Posting a part of a transaction to the wrong account will cause the trial balance totals to be unequal.

Correct AnswerverifiedShow Answer

A credit balance in which of the following accounts would indicate a likely error?

Correct AnswerverifiedShow Answer

The recording of cash receipts to the cash account will be done by debiting the account.

Correct AnswerverifiedShow Answer

The increase side of all accounts is the normal balance.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified